In a detailed press statement issued late on Saturday, DLF categorically denied it had given any unsecured loans to Vadra or any of his companies. It said that an amount of Rs 65 crore was given as business advances for the purchase of land "as per standard industry practice" for two projects of Rs 50 crore and Rs 15 crore, respectively, of which the latter was refunded as DLF decided against the purchase.

"At no stage was a interest free loan ever given to the Skylight group (Mr Vadra's companies)," it said.

It also said "there is no question of utilisation of unaccounted black money or illicit funds as alleged. We... reject this allegation." "Skylight Hospitality Pvt Ltd approached us in FY 2008-09 to sell a piece of land measuring approximately 3.5 acres approx just off NH 8 in village Sikohpur, Dist Gurgaon....DLF agreed to buy the said plot, given its licensing status and its attractiveness as a business proposition for a total consideration of Rs 58 crore," it said.

DLF said the deal was done at market price and the value has appreciated. "As per normal practice, the possession... was taken over by DLF in 2008-09 and Rs 50 crore given as advance in installments... The average cost of the licensed property works out to approx Rs 2,800 per sq ft (psf) of FSI, comparable with similar transactions in that area."

Kejriwal and Bhushan had also alleged that DLF sold properties to Vadra at prices lower than the prevalent market rate and Vadra used the unsecured loans he took from DLF to carry out these purchases. DLF denied it had given unsecured loans and "so the question of acquiring the said properties from DLF loans does not exist. It is not unusual for parties, which sell land to DLF to choose to reinvest the consideration received or part thereof in projects being developed by DLF."

DLF confirmed that Vadra and his companies had purchased several apartments, but these were bought at market rates. He bought one apartment at Rs 11.9 crore for his personal use in Aralias in September 2008 at Rs 12,000 per square foot. The company said Aralias was initially launched at Rs 1,800 psf. "Mr Vadra's purchase is among the highest prices at which the company sold the apartments in Aralias. The alleged figure of Rs 89 lakh as total purchase consideration is completely incorrect," it said.

DLF said Skylight had invested in the Magnolias apartments at Rs 10,000 psf in March 2008, which was the prevalent offer price. The launch price was Rs 4,500 psf. Skylight also booked some apartments in the company's Capital Greens project at the then offer price of Rs 5,000/6,000 psf. "There is no question of offering, let alone selling, Mr Vadra or his group companies any property at a throwaway price. The allegation that seven apartments in Magnolias were sold for Rs 5.2 crore only is also completely baseless," it said.

DLF said Vadra's investment of Rs 35 crore for 50% in the Saket Hilton Hotel was a business decision, and the two have decided to sell the hotel as "the hotel continues to suffer financially due to the economic slowdown." "The indicative valuation is around Rs 200 crore and substantially lower than the Rs 300 crore being alleged," it said.